- Email: [email protected]
Nederman Holding AB, Sweden
Company WATCH
Porvair plc, UK
Nederman Holding AB, Sweden
Key Figures (SEK million) April–June 2017 2016
Incoming Orders
849.4
726.5
Net Sales Of Which: EMEA Asia Pacific Americas
759.2
770.5
Cost of Goods Sold
469.9
489.8
Gross Profit
289.3
280.7
Operating Profit
60.9
65.4
Net Profit
38.3
43.1
351.3 368.2 93.3 95.5 314.6 306.8
January–June
1580.5
1465.3
Net Sales Of Which: EMEA Asia Pacific Americas
1519.8
1495.2
712.5 690.7 175.8 167.7 631.5 636.8
Cost of Goods Sold
941.5
965.4
Gross Profit
578.3
529.8
Operating Profit
109.7
96.2
70.2
63.2
COMMENT While Nederman experienced a 13.6% organic increase in incoming orders during the second quarter to SEK849.4 million, net sales slipped 4.9% to SEK759.2 million and net profit was 11.1% lower at SEK38.3 million. The gains in order intake reflected growth in all divisions particularly in the Americas, where incoming orders increased by just over 27% organically. Nederman says that its biggest challenge continues to be the uncertainty around major projects in the US and China.
July 2017
Revenue Of Which: Metals Filtration Microfiltration
55.5 52.1
Cost of Sales
37.3
35.8
Gross Profit
18.3
16.2
Operating Profit Of Which: Metals Filtration Microfiltration
5.2
4.8
Profit before Income Tax
4.9
4.5
Profit for the Period
3.7
3.4
19.1 16.8 36.4 35.3
0.8 1.2 5.2 4.9
2017 2016
Incoming Orders
Net Profit
Key Figures (£ million) Six months ended 31.5 2017 2016
With the exception of China, the majority of markets in APAC developed positively for the filter manufacturer in the second quarter, especially in India. “Overall, the second quarter of the year was a good quarter for Nederman with good growth in order intake,” said Sven Kristensson, CEO of Nederman. “The order backlog is now at a higher level than at mid-2016, which means that our basic outlook is positive for the remainder of 2017.” n www.nederman.com
COMMENT Filtration and environmental technology group Porvair has posted fiscal 2017 half yearly revenues of £55.5 million, 6.5% higher than the prior year. Profitability was also up, with the before tax figure climbing 8.9% to £4.9 million and the net result finishing 8.8% stronger at £3.7 million. The company’s Microfiltration segment recorded sales of £36.4 million for the period, up 3.1% on the comparator figure, while its operating profit was 6.1% higher at £5.2 million. The sector reported good growth for its aviation products, which were up 19%, with orders for the company’s latest generation of inerting filters starting to ship. Growth was also strong for Seal Analytical, a supplier of equipment and consumables to environmental laboratories, where they were up 16%. Seal benefited from the opening of a new facility in the USA in December 2016 that has created additional manufacturing and product development capacity.
Porvair reported that orders in bioscience, industrial process and microelectronics were also strong, while large gasification projects continued to be an area of focus. Revenue from Porvair’s Metals Filtration division increased 13.7% to £19.1 million. The company reported good sales in the USA, as well as to the global aluminium market. The segment’s operating profit fell 33.3% due to continuing losses at its Chinese start-up, which Porvair said it expected to diminish as the plant built its revenues. “Porvair has started 2017 well, with a healthy order book going into the second half,” company chief executive Ben Stocks said. “Organic growth continues to be driven by incremental new product introductions and capacity expansion. The recent acquisition, JGF, has started well. The Group has a strong balance sheet, a promising project pipeline and sees many opportunities for further growth ahead.” n www.porvair.com
Filtration Industry Analyst
11
Porvair plc, UK
Nederman Holding AB, Sweden
Key Figures (SEK million) April–June 2017 2016
Incoming Orders
849.4
726.5
Net Sales Of Which: EMEA Asia Pacific Americas
759.2
770.5
Cost of Goods Sold
469.9
489.8
Gross Profit
289.3
280.7
Operating Profit
60.9
65.4
Net Profit
38.3
43.1
351.3 368.2 93.3 95.5 314.6 306.8
January–June
1580.5
1465.3
Net Sales Of Which: EMEA Asia Pacific Americas
1519.8
1495.2
712.5 690.7 175.8 167.7 631.5 636.8
Cost of Goods Sold
941.5
965.4
Gross Profit
578.3
529.8
Operating Profit
109.7
96.2
70.2
63.2
COMMENT While Nederman experienced a 13.6% organic increase in incoming orders during the second quarter to SEK849.4 million, net sales slipped 4.9% to SEK759.2 million and net profit was 11.1% lower at SEK38.3 million. The gains in order intake reflected growth in all divisions particularly in the Americas, where incoming orders increased by just over 27% organically. Nederman says that its biggest challenge continues to be the uncertainty around major projects in the US and China.
July 2017
Revenue Of Which: Metals Filtration Microfiltration
55.5 52.1
Cost of Sales
37.3
35.8
Gross Profit
18.3
16.2
Operating Profit Of Which: Metals Filtration Microfiltration
5.2
4.8
Profit before Income Tax
4.9
4.5
Profit for the Period
3.7
3.4
19.1 16.8 36.4 35.3
0.8 1.2 5.2 4.9
2017 2016
Incoming Orders
Net Profit
Key Figures (£ million) Six months ended 31.5 2017 2016
With the exception of China, the majority of markets in APAC developed positively for the filter manufacturer in the second quarter, especially in India. “Overall, the second quarter of the year was a good quarter for Nederman with good growth in order intake,” said Sven Kristensson, CEO of Nederman. “The order backlog is now at a higher level than at mid-2016, which means that our basic outlook is positive for the remainder of 2017.” n www.nederman.com
COMMENT Filtration and environmental technology group Porvair has posted fiscal 2017 half yearly revenues of £55.5 million, 6.5% higher than the prior year. Profitability was also up, with the before tax figure climbing 8.9% to £4.9 million and the net result finishing 8.8% stronger at £3.7 million. The company’s Microfiltration segment recorded sales of £36.4 million for the period, up 3.1% on the comparator figure, while its operating profit was 6.1% higher at £5.2 million. The sector reported good growth for its aviation products, which were up 19%, with orders for the company’s latest generation of inerting filters starting to ship. Growth was also strong for Seal Analytical, a supplier of equipment and consumables to environmental laboratories, where they were up 16%. Seal benefited from the opening of a new facility in the USA in December 2016 that has created additional manufacturing and product development capacity.
Porvair reported that orders in bioscience, industrial process and microelectronics were also strong, while large gasification projects continued to be an area of focus. Revenue from Porvair’s Metals Filtration division increased 13.7% to £19.1 million. The company reported good sales in the USA, as well as to the global aluminium market. The segment’s operating profit fell 33.3% due to continuing losses at its Chinese start-up, which Porvair said it expected to diminish as the plant built its revenues. “Porvair has started 2017 well, with a healthy order book going into the second half,” company chief executive Ben Stocks said. “Organic growth continues to be driven by incremental new product introductions and capacity expansion. The recent acquisition, JGF, has started well. The Group has a strong balance sheet, a promising project pipeline and sees many opportunities for further growth ahead.” n www.porvair.com
Filtration Industry Analyst
11